铅锌日评：区间整理-20250805

Report Industry Investment Rating - No industry investment rating information provided in the report Core Viewpoints - For lead, with no expected increase in lead concentrate imports, processing fees are likely to rise but have not substantially affected refinery operations. Primary lead production remains stable, while secondary lead production is relatively low due to high waste lead - acid battery prices and limited supplies. With falling electrolytic lead factory inventories, the market's acceptance of high - priced secondary lead has improved, and secondary lead production is gradually recovering. Overall, supply and demand are both increasing, and lead prices are expected to trade in a range in the short term [1] - For zinc, refinery raw material stocks are sufficient, and zinc ore processing fees are rising. In the short term, the zinc market shows an increase in both ore and ingot supplies, while demand is in the off - season, and inventories are accumulating. Therefore, zinc prices are expected to trade in a range [1] Summary by Relevant Information Lead Price and Market Data - SMM1 lead ingot average price was 16,700 yuan/ton, up 0.91% from the previous day; the futures main contract closed at 16,750 yuan/ton, up 0.09% [1] - The LME3 - month lead futures closed at 1,963.50 dollars/ton, down 0.53%; the Shanghai - London lead price ratio was 8.53, up 0.62% [1] - Futures active contract trading volume was 46,198 lots, down 3.01%; open interest was 71,330 lots, down 6.56% [1] - LME lead inventory was 274,225 tons, unchanged; Shanghai lead warehouse receipts inventory was 59,007 tons, down 1.57% [1] Zinc Price and Market Data - SMM1 zinc ingot average price was 22,100 yuan/ton, down 0.58%; the futures main contract closed at 22,255 yuan/ton, down 0.29% [1] - The LME3 - month zinc futures closed at 2,754 dollars/ton, up 0.90%; the Shanghai - London zinc price ratio was 8.08, down 1.18% [1] - Futures active contract trading volume was 115,733 lots, up 10.10%; open interest was 102,725 lots, down 4.96% [1] - LME zinc inventory was 97,000 tons, unchanged; Shanghai zinc warehouse receipts inventory was 14,907 tons, down 0.50% [1] Industry News - The Inner Mongolia Autonomous Region Natural Resources Department issued an announcement on the review of mineral resource exploration and mining plans to implement the new Mineral Resources Law and ensure the effective connection between old and new systems [1] - As of August 4, the total inventory of SMM zinc ingots in seven regions was 10.73 tons, an increase of 0.41 tons from July 31 and 0.36 tons from July 28 [1] - Buenaventura's zinc production in the second quarter of 2025 was 0.78 tons, a year - on - year increase of 22% due to the mining plans of Uchucchacua and Yumpag [1]